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Analysis of the GBP / USD Divergences for November 19. The pound is preparing to close under 1.2800

4h

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On the 4-hour chart, the GBP / USD currency pair reversed in favor of the British currency and closed above the correction level of 76.4% - 1.2812 after the formation of the bullish divergence of the MACD indicator. As a result, on November 19, the growth process can be continued in the direction of the next correction level of 61.8% - 1.2904. The consolidation of quotations of the pair below the Fibo level of 76.4% can be interpreted as a reversal in favor of the American currency and the resumption of a fall in the direction of the correctional level of 100.0% - 1.2662 is expected.The Fibo grid was built according to extremums of August 15, 2018, and September 20, 2018.1h

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On the hourly chart, the pair rebounded from the Fibo level of 61.8% - 1.2878 with the formation of a bearish divergence at the CCI indicator and a fall to the correction level of 76.4% - 1.2809. The end of quotations from the level of 76.4% makes it possible to count on a reversal in favor of the pound sterling and some growth in the direction of the correctional level of 61.8%. Fixing the rate of the pair below the Fibo level of 76.4% will increase the probability of a further fall in the direction of the correction level of 100.0% - 1.2696.The Fibo grid is built on extremes from October 30, 2018, and November 7, 2018.Recommendations to traders:Purchases of the GBP / USD currency pair can be made with the target of 1.2878 and a Stop Loss order under the correction level of 76.4%, since the pair has completed the rebound from the level of 1.2809 (hourly chart).Selling of the currency pair GBP / USD will be possible with the target of 1.2696 and a Stop Loss order above the level of 76.4% if the pair closes below the level of 1.2809 (hourly chart).

The material has been provided by InstaForex Company - www.instaforex.com